Correlation Between Aquagold International and Great Southern
Can any of the company-specific risk be diversified away by investing in both Aquagold International and Great Southern at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Aquagold International and Great Southern into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Aquagold International and Great Southern Bancorp, you can compare the effects of market volatilities on Aquagold International and Great Southern and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Aquagold International with a short position of Great Southern. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aquagold International and Great Southern.
Diversification Opportunities for Aquagold International and Great Southern
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Aquagold and Great is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Aquagold International and Great Southern Bancorp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Great Southern Bancorp and Aquagold International is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Aquagold International are associated (or correlated) with Great Southern. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Great Southern Bancorp has no effect on the direction of Aquagold International i.e., Aquagold International and Great Southern go up and down completely randomly.
Pair Corralation between Aquagold International and Great Southern
If you would invest 6,434 in Great Southern Bancorp on September 12, 2024 and sell it today you would earn a total of 213.00 from holding Great Southern Bancorp or generate 3.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Aquagold International vs. Great Southern Bancorp
Performance |
| Timeline |
| Aquagold International |
| Great Southern Bancorp |
Aquagold International and Great Southern Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aquagold International and Great Southern
The main advantage of trading using opposite Aquagold International and Great Southern positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aquagold International position performs unexpectedly, Great Southern can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Great Southern will offset losses from the drop in Great Southern's long position.| Aquagold International vs. PepsiCo | Aquagold International vs. Coca Cola Consolidated | Aquagold International vs. Monster Beverage Corp | Aquagold International vs. Celsius Holdings |
| Great Southern vs. First Northwest Bancorp | Great Southern vs. Community West Bancshares | Great Southern vs. First Financial Northwest | Great Southern vs. First Capital |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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